There are many balance transfer credit cards out there designed specifically for those who carried a balance on their credit card and pay high fees (or all) interest each month. In fact, there are so it can be difficult to determine how one is better or worse than others. Chase Slate is one of the competing cards for your business, and we took an in depth look at this card to answer the question "is it good?" The short answer is yes, it is a great option that can save you hundreds or thousands of dollars if you are currently paying interest on another credit card. It is the only card that we found with the combination of a long 0% Intro APR and no balance transfer fee. The answer in depth, and the advantages and disadvantages of the card, is explained below.
Highlights
Just after the holidays most people have accumulated a balance on their credit cards and are wondering how they will pay. Chase Slate is a strong solution, offering 15 months 0% Intro APR on balance transfers and purchases . Many cards offer a 0% introductory April, but the best part of the slate is that you pay no balance transfer fee to move your balance (s) on this card. This is a great victory, since these fees are usually 3% of the balance you transfer, which can add up to big money. For example, if you transfer $ 10,000, you'd probably pay $ 300 in fees with other cards. Slate with you pay absolutely nothing to transfer your money , and you have 15 months without interest to make payments against the balance, which can give you even more savings. For example, if you were making $ 700 monthly payments on the $ 10,000 balance and had an interest rate of 20%, it would take you 17 months to pay it and you'd pay over $ 1,500 in interest. If you transferred the balance to Slate, you want to repay in 15 months without interest, saving $ 1,500 and pay absolutely no fees. Make sure to transfer your balance within 60 days to make the balance of $ 0 transfer fee because after that date, there will be costs.
In addition to the 0% Intro APR on balance transfers, you will also pay no interest for 15 months on purchases . This is a great way to make big purchases (or little) you need and save money on interest charges for more than a year. Moreover, Slate no annual fee and a relatively low APR continues after the intro period of 0% APR, which is important if you plan to carry a balance after 15 months are up.
If you have been known to make a late payment or two, you will understand that Slate no penalty in April . This means that your interest rate will not increase if your payment is delayed. We do not recommend the habit of paying your bill late, but it is good to know if it happens, you will not be penalized for it.
Another big point in favor of Slate is that it is available to those with good credit. A good credit score is generally considered above 660. Usually credit cards with the best deals are only available to people with excellent credit history, but Slate has all the features available to consumers excellent credit and is open to those who simply good credit. So if you have missed a payment or two, or had some other minor success on your credit report, you will probably still qualify for this card. Of course, Slate also consider other factors such as your annual salary and wages, your other annual revenue and a review of your debt, but in general, those who have good credit have a good shot.
world travelers appreciate that now Slate Chip supply and PIN technology . Compatible smart cards are usually needed when traveling outside the United States, and if your card does not have a you might not be able to use when traveling internationally.
Considerations
Chase Slate is a smart way to gradually pay off your balance during the 15 month 0% intro period of April and after the interest free period is up, it continues to offer reasonable APRs being. However, if you think you might be carrying your balance for an extended period, Barclaycard Ring MasterCard might be a better solution for you. It does not have a 0% APR intro period, but has no balance transfer fee, no annual fee and a lower APRs being we've ever seen. - 8.25%
If a 15 months 0% Intro APR is not quite enough, but you think you can pay your balance in less than 2 years, Citi Simplicity account. It has a very long 21-month intro APR on balance transfers and purchases, which would give you an additional 6 months of 0% APR breathing. There is a 3% balance transfer fee, but these 6 additional months may make it useful.
The smart card slate, it is easy to travel abroad, but there is one 3% foreign transaction fee for each purchase you make. This fee may be added, especially if you take a long vacation and load most purchases on your card. If this is a deal-breaker for you, Card BankAmericard Travel Rewards Credit is an alternative to Slate that has no foreign transaction fees, an introductory bonus 20,000 points ($ 200 value when you redeem to travel) without annual fees, 1.5 reward points for every dollar spent and a 12 billing 0% intro April
Although slate is a great balance transfer card, only offers no rewards . If you are interested in a balance transfer card that also has high rewards cash back, take a look at the Cash Card Double Citi has an 18-month 0% Intro APR on balance transfers, effective cash 2% on all purchases and no annual fee (note: the card has a 3% balance transfer fee).
If you apply for Slate from Chase?
Chase Slate card is very strong and is unique in that it allows you to transfer your existing balances for free and pay no interest for 15 months on balance transfers and purchases. We strongly recommend Chase Slate , and it is our best classified balance transfer card. It is particularly attractive because it is available to those who have a good (rather than simply excellent) credit and integrates Chip & PIN technology that is so important when traveling overseas.There are some potential drawbacks, however, including not rewards and foreign transaction fee. If these concerns are for you, check out the alternatives mentioned above. You can also enjoy our free balance transfer calculator to see which card is the best choice for your particular situation.
Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and has not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but the terms and conditions of card can change at any time. This site may be compensated by the sending credit card affiliate program.